Common Contracts
1 similar Chattel Mortgage contracts
Case No. 6,089.Chattel Mortgage • September 3rd, 2022
A mortgage having been given on certain articles of property to secure the payment of $1,500, a subsequent agreement was entered into between the parties to deliver over to the mortgagor the articles of property, on his giving security to sell the same at reasonable prices, and account to the mortgagee every fifteen days for the proceeds, and pay the same over to him, &c. The security was given, and an action being brought on the new agreement, the security pleaded that the orig- inal mortgage on the articles had been assigned to him. To this plea the plaintiff demurred. The court held that this plea was no answer to the declaration; that the new agreement was substitut- ed for the mortgage, the plaintiff relying on the personal security given instead of the lien on the articles of property.
